WEL Networks Annual Report 2017
At WEL Networks we're delivering innovative energy solutions which help build sustainable Waikato communities, and keep the lights on 24/7.
The 2016-17 financial year saw the WEL Group continue to grow as a future-focused and innovative infrastructure provider, with a number of strategic initiatives delivered during the year and further work underway on exciting projects such as community solar and data analytics.
- In April 2016 we launched WEL Services, our field delivery arm, which is operating as a wholly owned subsidiary. The change was implemented to ensure a more efficient operation with financial transparency and is proving a successful model.
- In September 2016, WEL Networks Limited announced that it had reached an agreement with Crown Fibre Holdings (CFH) to purchase all of the Government’s shares in Ultrafast Fibre Limited. This makes WEL the majority shareholder of Ultrafast Fibre, with partner Waipa Networks Limited retaining a 15% shareholding.
- Net profit after tax, exclusive of fair value of $19M, was $5M higher than budget due to strong commercial lines consumption, urban development and capitalisation of additional borrowing costs as part of the fibre network build.
- We delivered a total of $22 million (including GST) to WEL Networks customers across the region via the annual WEL discount.
- WEL continues to perform strongly when compared with other lines companies for reliability. The 2016 benchmarking results show WEL was ranked in the lowest quartile for outages.